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1 January 2016

The future of banking may include screenless ATMs driven by mobile apps

EyeLock, a provider of iris-based identity authentication solutions, and Diebold, a global provider self-service technology, software and services, have teamed up on a screenless, self-service ATM concept that is more compact than traditional ATMs. A prototype called Irving is currently being tested by Citibank in the US.

The design of the new concept ATM does not have a PIN pad, card reader, or screen. Instead, all transactions take place via a mobile app on the user's smartphone. In addition to near field communication (NFC) and quick response (QR) code technology, the new system uses iris scanning from EyeLock to identify the customer once at the ATM.

"EyeLock believes that the age of carrying plastic cards and remembering passwords is just about over and the era of unfettered personal access through biometric technology is just beginning," said Anthony Antolino, Chief Marketing and Business Development Officer for EyeLock. "For banking and other applications, EyeLock's iris identity authentication solutions are not only highly secure, but very easy to use."

According to Frank Natoli, Executive Vice President of Self-Service Technology at Diebold, customers sign into their banking app on their phone or tablet and determine how much money they want to take out. Once the withdrawal is input, they then go to any EyeLock-equipped ATM on the network to complete the transaction. They would simply approach the machine, which identifies them through NFC, scans the iris of his or her eye to quickly verify identity, and the ATM dispenses the correct amount of cash. The whole process takes less than half the time of a typical ATM transaction today - with Irving, cash withdrawals can be completed in less than ten seconds.

"While digital channels are evolving, cash will continue to play an important role in consumer transactions," Natoli said. "That's where Diebold comes into play – to bridge the digital and physical worlds of cash in unprecedented ways through cardless transactions, mobile integration and faster, more convenient access. The Irving concept embodies a new era of banking and puts the user experience at the top of the pyramid to connect consumers with their money when and how they see fit."

Citibank is in the early stages of testing the high tech ATM and plans to roll it out are still to be determined. "At Citi, we are always looking for innovations that simplify and enhance the banking experience," said CitiFinTech CEO Heather Cox.